Inflation in the United States has not “turned the corner yet” and it is too early for the Federal Reserve to declare victory in the fight on rising prices, a top IMF official said in an interview with the Financial Times on Thursday.

Gita Gopinath, a deputy managing director of the Fund, urged the US central bank to press ahead with rate rises this year.

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“If you see the indicators in the labour market and if you look at very sticky components of inflation like services inflation, I think it’s clear that we haven’t turned the corner yet on inflation,” she told the newspaper.